Making Choices Guide Part II
Making Choices Guide Part II
RECEIVED A PERFECT SCORE
Ltc/315 Alternative Living Environments
October 27, 2014
University of Phoenix
Tomeka DavisMaking Choices Guide Part II
As we age our bodies and lives take on many different changes. Some of these changes are for the better and then there are changes that are not so much in our favor. Our health status is the one thing that can vary from time-to-time as we age, and for this we have to prepare ourselves for the many possibilities of needing long term care (LTC). Once the need for LTC is evident, there are many decisions to be made, and a long list of things to take into consideration. Finances, costs, demographics, and independence, are just a few variables to consider when choosing where you or a loved one will be spending the next chapter in life.
Finances are the most important variable to take into consideration, mainly because plain and simple; the care is going to cost. Whether a LTC facility or a person’s home is going to be the place where the care is delivered, there will be some expenses accrued. Personal income, annuities, long term care insurance, savings, government programs (Medicare & Medicaid), Veteran’s Benefits, and reverse mortgages are just a few payment options available for LTC. There are more payment options becoming available through new financial products as our populace ages.
When it comes to the costs of delivering the care, and where it is to be delivered, a lot of things come into play. Residing in a LTC facility brings about a multitude of expenditures compared to staying at home or aging in place. In 2010, semi-private rooms averaged about $200 a day in a nursing home, and about $230 for a private room, and a one bedroom apartment in an assisted living facility averaged about $3,300 a month. Those costs are not all inclusive. There is usually a cost for added services such as private laundry, additional activities or programs. According to
RECEIVED A PERFECT SCORE
Ltc/315 Alternative Living Environments
October 27, 2014
University of Phoenix
Tomeka DavisMaking Choices Guide Part II
As we age our bodies and lives take on many different changes. Some of these changes are for the better and then there are changes that are not so much in our favor. Our health status is the one thing that can vary from time-to-time as we age, and for this we have to prepare ourselves for the many possibilities of needing long term care (LTC). Once the need for LTC is evident, there are many decisions to be made, and a long list of things to take into consideration. Finances, costs, demographics, and independence, are just a few variables to consider when choosing where you or a loved one will be spending the next chapter in life.
Finances are the most important variable to take into consideration, mainly because plain and simple; the care is going to cost. Whether a LTC facility or a person’s home is going to be the place where the care is delivered, there will be some expenses accrued. Personal income, annuities, long term care insurance, savings, government programs (Medicare & Medicaid), Veteran’s Benefits, and reverse mortgages are just a few payment options available for LTC. There are more payment options becoming available through new financial products as our populace ages.
When it comes to the costs of delivering the care, and where it is to be delivered, a lot of things come into play. Residing in a LTC facility brings about a multitude of expenditures compared to staying at home or aging in place. In 2010, semi-private rooms averaged about $200 a day in a nursing home, and about $230 for a private room, and a one bedroom apartment in an assisted living facility averaged about $3,300 a month. Those costs are not all inclusive. There is usually a cost for added services such as private laundry, additional activities or programs. According to